Analysts say that the price of Bitcoin is likely to be volatile as long as investors continue to reap profits.
This failure to recover is not the result of paper Bitcoin or suppression. “just good old-fashioned sellers,” said James Check, Sunday analyst
Check added the sheer volume (of sell-side pressure) from existing Bitcoin.BTCIt is not well known that the holder was “the source of resistance” Currently, there is no need to do so.
An analyst showed a graph showing the age average of coins spent has increased throughout the cycle. Long-term coin holders are the ones who have benefited from this trend. selling.
A second chart shows that the realized profits have risen to $1.7 billion a day and realized losses to $430 millions a day. This is the third highest point in this cycle.
The Other Side of the Story “revived supply” From older coins, the second highest amount was $2.9 billion a day.
Bitcoin OGs are taking profit
Will Clemente, Crypto Investor said The following are some examples of how to use “the last year of relative weakness for BTC has mostly been a transfer of supply from OGs to TradFi,” Onchain data can show you this.
“This dynamic will be mostly irrelevant in the coming years, just as everyone is focused on BTC’s relative weakness.”
Related: John Bollinger says to ‘pay attention soon’ as big move could be imminent
Galaxy Digital Chief Mike Novogratz Echoed sentiments in the an interview Raoul Pal was with us last week.
“There are a lot of people in the Bitcoin world who had rode this so long and finally decided, ‘I wanna buy something’,” He cited friends who had bought a boat and a part of a sporting team.
“People trimming because they’ve had a great run and we’re just digesting that turnover.”
Novogratz has confirmed that his company is the sole supplier of its products. “old OGs” The miners.
Support for weekly close-holds
Bitcoin is holding on to its weekly close candle of $108,700. according TradingView is a trading platform.
“Continued holding here could see price rally to $120k+ over time. Stability here is absolutely key,” said Analyst “Rekt Capital” On Sunday,
Despite a $110,000 recovery at the moment of this writing, there is more resistance to be found just above it.
Magazine: Ether’s price to go ‘nuclear,’ Ripple seeks $1B XRP buy: Hodler’s Digest
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Source: cointelegraph.com
